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Making Hay of New IRS Reporting Requirements News November 8, 2010 • Issue 10:11:01 Industry Update .......................................14 TCF Bank lawsuit challenges Durbin Amendment ..............................43 Making hay of new Reaching out to medical marijuana dispensaries .......................43 IRS reporting Mercator explains growth in micropayments, virtual purchasing ..........45 requirements New MasterCard credit card generates passwords ............................46 By Adam Atlas Trade Association News Attorney at Law WSAA 2010 a smashing success ...........47 s of Jan. 1, 2011, certain ISOs, acquiring banks, processors and third- Features party payment providers will be obliged to keep track of merchants' gross credit card, debit card and third-party payment (such as those SellingPrepaid: A made through PayPal Inc.) receipts. Prepaid in brief ....................................32 Open-loop prepaid part of These are not the printed receipts from purchases at the POS but those from deposits made by an acquirer or other service provider to a merchant account CTA's new fare system .........................34 for settlement of electronic transactions. Given that the bulk of income for most Prepaid's emergence in India .................36 merchants is derived from credit and debit cards, this reporting makes sense Research rundown ...................................75 from a public policy perspective. Views The reporting applies to merchants who sell more than $20,000 worth of goods and conduct more than 200 electronic transactions annually. Challenges to Dodd-Frank, Durbin heat up By Mark Brady and Ross Federgreen The 1099-K CSRSI, The Payment Advisors .................24 Service providers that make direct payments to merchants for their credit and It's the economy, again debit card and alternative payment transactions – dubbed "payment settlement By Brandes Elitch, CrossCheck Inc. .........30 entities" and "third party payers" by the Internal Revenue Service – must report this data to merchants and the IRS yearly via a 1099-K form for each merchant, Education beginning in early 2012 for the 2011 calendar year. And merchants must report this income on their business tax returns. Street SmartsSM What the feet on the street need from acquirers The "payment settlement entity" to which the form refers is whatever party By Ken Musante, Eureka Payments LLC ....58 deposits credit and debit payment settlement money into the merchant's Content marketing delivers account – be it an ISO, acquiring bank or processor. "Third party payers" are by engaging prospects alternative payment companies like PayPal that do not use conventional pay- ment settlement channels and would thus fill out their own 1099-K form in By Peggy Bekavac Olson place of, or in addition to, the one turned in by the company settling traditional Strategic Marketing ..............................62 credit and debit purchases. Going beyond PCI By Tim Cranny, Panoptic Security Inc. .....64 Pursuant to IRS Regulation 139255-08, developed in accordance with the Where is our industry heading? Housing and Economic Recovery Act of 2008 and finalized in August 2010, the reporting will reflect a merchant's gross amount of credit and debit card By Jeffrey Shavitz receipts, before the deduction of chargebacks, returns and refunds. Thus, the Charge Card Systems Inc. .....................68 IRS will be able to assess the reliability of merchants' accounting through the Become a payment superhero lens of their most important source of income: acquiring entities. By Jeff Fortney, Clearent LLC ..................70 The impact on ISOs and MLSs What PCI DSS 2.0 means for fi nancial institutions The implications for ISOs and merchant level salespeople (MLSs) are differ- By Gary Palgon, nuBridges Inc. ..............72 ent than those for merchants, of course. And as recently as October 2010, ISO agreements from major processors were being amended in anticipation of the Continued on page 3 See IRS reporting on page 51 3 AdvisoryBoard NotableQuote » Tony Abruzzio–Global Payments Inc. » Andrew Altschuler–AmeriMerchant I have many friends who are just » John Arato–MagTek Inc. now choosing to enter our space; » Adam Atlas–Attorney at Law they wouldn't be doing so if they didn't believe opportunities existed. » Clinton Baller–PayNet Merchant Services Inc. And, if you truly are negative about » Audrey Blackmon–TASQ Technology our business and its future, find a » Robert Christiansen–ARM Loyalty new career. » Steve Christianson–AAmonte Bankcard See story on page 69 » Steve Eazell–Secure Payment Systems Inc. » W. Ross Federgreen–CSRSI » Ed Freedman–Total Merchant Services » Marc Gardner–North American Bancard » Chad T. Gay–PNC Merchant Services Inside this issue: » Russ Goebel–Quantus Health Solutions LLC CONTINUED » Matt Golis–YapStone Inc. » Curt Hensley–Impact Payments Recruiting Company Profi les » Scott Henry–VeriFone Inc. » Jared Isaacman–United Bank Card Inc. Global Electronic Technology Inc. » Kevin Jones–First American Payment Systems » Jerry Julien–Equity Commerce LP Good as it GETs ..............................................................................41 » Lazaros Kalemis–Alpha Card Services Inc. New Products » Dee Karawadra–Impact PaySystem » Rod R. Katzfey–Consultant Encrypting, entertaining self-service terminal ..........................................74 » Allen Kopelman–Nationwide Payment Systems Inc. » Mitch Levy–Merchant Cash and Capital Inspiration » Dan Lewis–AmeriBanc National Ltd. » Douglas Mack–Payex The pursuit of happiness ......................................................................79 » Paul Martaus–Martaus & Associates » Biff Matthews–CardWare International Departments » Sonny McKinney–TransWORKS LLC » Tim McWeeney–Verifone Inc. Forum ..................................................................................................5 » Justin Milmeister–Elite Merchant Solutions Datebook ...........................................................................................77 » Patti Murphy–The Takoma Group » Michael Nardy–Electronic Payments Resource Guide ..................................................................................80 » Steve Norell–US Merchant Services » Michael Petitti–Trustwave Advertiser Index .................................................................................94 » Bill Pittman–SoundPOS LLC. Miscellaneous » David H. Press–Integrity Payment Systems » Steve Rizzuto–TransFirst QSGS: Quick Summary Green Sheet......................................................8 » Charles W. Salyer–Ladco Leasing Inc. » Jeffrey I. Shavitz–Charge Card Systems Inc. Bottom Lines .......................................................................................14 » Lisa Shipley–Ingenico North America » Dave Siembieda–CrossCheck Inc. 10 years ago in The Green Sheet .........................................................76 » Rick Slifka–Exec-Links LLC Water Cooler Wisdom ........................................................................79 » Anna Soloman–FrontStream Payments Inc. » Nick Starai–Network Merchants Inc. » Theodore Svoronos–Merchant University » Stuart Taylor–Hypercom Corp. » Scott Wagner–GO DIRECT Merchant Services Inc. » Dan D. Wolfe–Teledraft Inc. 4 President and CEO: Paul H. Green ...........................................................paul@greensheet.com General Manager and Chief Operating Offi cer: Kate Rodriguez .........................................................kate@greensheet.com CFO/Vice President Human Resources & Accounting: Brandee Cummins ...............................................brandee@greensheet.com Assistant VP, Editorial: Laura McHale Holland ..............................................laura@greensheet.com Senior Editor: Patti Murphy .............................................................patti@greensheet.com Senior Staff Writer: Dan Watkins .............................................................dan@greensheet.com Staff Writers: Joe Rosenheim ........................................................... [email protected] Ann Train ................................................................. [email protected] Assistant VP, Production and Art Director: Troy Vera.................................................................. [email protected] Production Manager: Lewis Kimble ............................................................lewis@greensheet.com Assistant VP, Advertising Sales: Danielle Thorpe ....................................................danielle@greensheet.com National Advertising Sales Manager: Rita Francis ................................................................ [email protected] Advertising Coordinator: Kat Doherty ................................................................kat@greensheet.com Circulation Assistant: Vicki Keith ............................................................... [email protected] Correspondence: The Green Sheet, Inc. 800-757-4441 • Fax: 707-586-4747 6145 State Farm Drive, Rohnert Park, CA 94928 Send questions, comments and feedback to [email protected] Send press releases to ...............................................press@greensheet.com NOTE – Please do not send PDF versions of press releases. Print Production: Hudson Printing Company Contributing Writers: Mark Brady ........................................................................mbrady@csrsi.com Tim Cranny ....................................................tim.cranny@panopticsecurity.com Brandes Elitch ........................................................brandese@cross-check.com
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